We live in a global economy, and we need to think and act accordingly. To be sure, the United States has the world's largest, most dynamic economy, one that is the envy of the rest of the world, and we are less dependent on international trade than many other nations. But our exports and imports have grown strongly as shares of GDP in recent decades. Your car may have been made in Germany or Japan. If you are in the cattle industry, your beef may be sold in Mexico or Southeast Asia. And the cartoons that your children watch on television may have been animated in the Philippines or India, if they were not drawn by a computer. International financial linkages have also expanded, and the current account deficit is at record levels. These international linkages have become important considerations in business decisions and economic policy. Tonight, I will begin by reviewing recent U.S. economic performance and the outlook for 2004. All in all, that outlook is favorable, with real output growth likely to be strong and consumer price inflation low. And, although labor market conditions remain a concern, employment growth appears to be strengthening as well. After discussing the national outlook, I will turn to two important international issues, the offshoring of jobs and the large U.S. current account deficit. I will argue that our nation needs to be proactive in addressing these issues. However, protectionism is not a good response to international competition and, in fact, would do more harm than good. Better responses include improving the assistance that we give to workers
{"title":"The United States in the Global Economy","authors":"C. Garner","doi":"10.2307/j.ctvr0qr9q.6","DOIUrl":"https://doi.org/10.2307/j.ctvr0qr9q.6","url":null,"abstract":"We live in a global economy, and we need to think and act accordingly. To be sure, the United States has the world's largest, most dynamic economy, one that is the envy of the rest of the world, and we are less dependent on international trade than many other nations. But our exports and imports have grown strongly as shares of GDP in recent decades. Your car may have been made in Germany or Japan. If you are in the cattle industry, your beef may be sold in Mexico or Southeast Asia. And the cartoons that your children watch on television may have been animated in the Philippines or India, if they were not drawn by a computer. International financial linkages have also expanded, and the current account deficit is at record levels. These international linkages have become important considerations in business decisions and economic policy. Tonight, I will begin by reviewing recent U.S. economic performance and the outlook for 2004. All in all, that outlook is favorable, with real output growth likely to be strong and consumer price inflation low. And, although labor market conditions remain a concern, employment growth appears to be strengthening as well. After discussing the national outlook, I will turn to two important international issues, the offshoring of jobs and the large U.S. current account deficit. I will argue that our nation needs to be proactive in addressing these issues. However, protectionism is not a good response to international competition and, in fact, would do more harm than good. Better responses include improving the assistance that we give to workers","PeriodicalId":331230,"journal":{"name":"Free Trade under Fire","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126612607","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-14DOI: 10.23943/PRINCETON/9780691201009.003.0005
D. Irwin
This chapter focuses on the most frequent argument in favour of limiting trade, which implies that jobs will be saved in industries that compete against imports. It explains how reducing trade saves jobs only by destroying jobs elsewhere in the economy. It analyzes the opponents of free trade that have argued that imports have replaced good, high-wage jobs with bad, low-wage jobs. The chapter contradicts critiques of free trade by arguing that jobs in industries that compete against imports have been largely low-skill, low-wage jobs. It also examines the extent to which trade with developing countries has contributed to the rise in inequality within the United States.
{"title":"Trade, Jobs, and Wages","authors":"D. Irwin","doi":"10.23943/PRINCETON/9780691201009.003.0005","DOIUrl":"https://doi.org/10.23943/PRINCETON/9780691201009.003.0005","url":null,"abstract":"This chapter focuses on the most frequent argument in favour of limiting trade, which implies that jobs will be saved in industries that compete against imports. It explains how reducing trade saves jobs only by destroying jobs elsewhere in the economy. It analyzes the opponents of free trade that have argued that imports have replaced good, high-wage jobs with bad, low-wage jobs. The chapter contradicts critiques of free trade by arguing that jobs in industries that compete against imports have been largely low-skill, low-wage jobs. It also examines the extent to which trade with developing countries has contributed to the rise in inequality within the United States.","PeriodicalId":331230,"journal":{"name":"Free Trade under Fire","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116061892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"List of Figures","authors":"","doi":"10.2307/j.ctvr0qr9q.3","DOIUrl":"https://doi.org/10.2307/j.ctvr0qr9q.3","url":null,"abstract":"","PeriodicalId":331230,"journal":{"name":"Free Trade under Fire","volume":"124 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123344558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-14DOI: 10.23943/princeton/9780691201009.003.0004
D. Irwin
This chapter considers the flip side of the case on free trade, in which trade interventions are often misguided and costly. It analyzes tariffs and quotas on imports that inefficiently redistribute income from consumers to producers. It points out how trade barriers produce a net economic loss due to the costs of consumers exceeding the benefits to producers and reduce exports that harm downstream user industries. The chapter also addresses the question of why trade protectionism is often politically attractive. It examines situations in which protection may be justified in theory, even if governments might be ineffective in trying to take advantage of those situations.
{"title":"Protectionism","authors":"D. Irwin","doi":"10.23943/princeton/9780691201009.003.0004","DOIUrl":"https://doi.org/10.23943/princeton/9780691201009.003.0004","url":null,"abstract":"This chapter considers the flip side of the case on free trade, in which trade interventions are often misguided and costly. It analyzes tariffs and quotas on imports that inefficiently redistribute income from consumers to producers. It points out how trade barriers produce a net economic loss due to the costs of consumers exceeding the benefits to producers and reduce exports that harm downstream user industries. The chapter also addresses the question of why trade protectionism is often politically attractive. It examines situations in which protection may be justified in theory, even if governments might be ineffective in trying to take advantage of those situations.","PeriodicalId":331230,"journal":{"name":"Free Trade under Fire","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117044622","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-14DOI: 10.23943/princeton/9780691201009.003.0009
D. Irwin
This chapter concludes that international trade and trade policies are frequently the object of condemnation rather than approbation. It explains how the condemnation are often the result of misconceptions about the benefits of international trade, the impact of trade policies, and the role and function of the World Trade Organization (WTO). Though the last few decades have been marked by a general reduction in trade barriers, the matter is not settled because the pressures to weaken the commitment to open markets never abate. The chapter emphasizes on difficult policy choices at the intersection of trade policy and climate change that could hold key battles over the world trading system in coming years. It also highlights the several benefits of world trade and the contribution of trade to the welfare and prosperity of billions of people around the world.
{"title":"Conclusion","authors":"D. Irwin","doi":"10.23943/princeton/9780691201009.003.0009","DOIUrl":"https://doi.org/10.23943/princeton/9780691201009.003.0009","url":null,"abstract":"This chapter concludes that international trade and trade policies are frequently the object of condemnation rather than approbation. It explains how the condemnation are often the result of misconceptions about the benefits of international trade, the impact of trade policies, and the role and function of the World Trade Organization (WTO). Though the last few decades have been marked by a general reduction in trade barriers, the matter is not settled because the pressures to weaken the commitment to open markets never abate. The chapter emphasizes on difficult policy choices at the intersection of trade policy and climate change that could hold key battles over the world trading system in coming years. It also highlights the several benefits of world trade and the contribution of trade to the welfare and prosperity of billions of people around the world.","PeriodicalId":331230,"journal":{"name":"Free Trade under Fire","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128537197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This chapter takes a look at developing countries and confirms whether free trade is beneficial in promoting economic development. It analyzes whether countries such as Japan, Korea, and China grow rich by rejecting free trade and instead pursuing closed markets and industrial policies. The chapter addresses the issue of fairtrade and how rich-country agricultural subsidies and import tariffs harm developing countries. It also assesses how developing countries harm themselves with their own anti-trade policies. It discusses whether protectionist trade policies contributed to the East Asian growth miracle, whether labor standards should be used to address worker exploitation in sweatshops, and whether “fair trade” offers a satisfactory route to development.
{"title":"Developing Countries and Open Markets","authors":"D. Irwin","doi":"10.2307/j.ctt9qh0ch.12","DOIUrl":"https://doi.org/10.2307/j.ctt9qh0ch.12","url":null,"abstract":"This chapter takes a look at developing countries and confirms whether free trade is beneficial in promoting economic development. It analyzes whether countries such as Japan, Korea, and China grow rich by rejecting free trade and instead pursuing closed markets and industrial policies. The chapter addresses the issue of fairtrade and how rich-country agricultural subsidies and import tariffs harm developing countries. It also assesses how developing countries harm themselves with their own anti-trade policies. It discusses whether protectionist trade policies contributed to the East Asian growth miracle, whether labor standards should be used to address worker exploitation in sweatshops, and whether “fair trade” offers a satisfactory route to development.","PeriodicalId":331230,"journal":{"name":"Free Trade under Fire","volume":"274 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123380520","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"List of Tables","authors":"","doi":"10.2307/j.ctvr0qr9q.4","DOIUrl":"https://doi.org/10.2307/j.ctvr0qr9q.4","url":null,"abstract":"","PeriodicalId":331230,"journal":{"name":"Free Trade under Fire","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128678577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-14DOI: 10.23943/princeton/9780691201009.003.0008
D. Irwin
This chapter focuses on the current controversies about the multilateral trading system, particularly the World Trade Organization (WTO). It provides an overview of how the WTO was criticized by nongovernmental organizations (NGOs), which attacked the WTO as an antidemocratic institution that has struck down environmental regulations by ruling them inconsistent with world trade laws. The chapter examines the WTO's rules and dispute settlement system and U.S.–China trade war. It analyzes the rise of regional trade arrangements, such as the North American Free Trade Agreement (NAFTA) and the Trans-Pacific Partnership (TPP) agreement. It also points out the importance of unilateral trade policy changes that are rooted in domestic reforms.
{"title":"The World Trading System","authors":"D. Irwin","doi":"10.23943/princeton/9780691201009.003.0008","DOIUrl":"https://doi.org/10.23943/princeton/9780691201009.003.0008","url":null,"abstract":"This chapter focuses on the current controversies about the multilateral trading system, particularly the World Trade Organization (WTO). It provides an overview of how the WTO was criticized by nongovernmental organizations (NGOs), which attacked the WTO as an antidemocratic institution that has struck down environmental regulations by ruling them inconsistent with world trade laws. The chapter examines the WTO's rules and dispute settlement system and U.S.–China trade war. It analyzes the rise of regional trade arrangements, such as the North American Free Trade Agreement (NAFTA) and the Trans-Pacific Partnership (TPP) agreement. It also points out the importance of unilateral trade policy changes that are rooted in domestic reforms.","PeriodicalId":331230,"journal":{"name":"Free Trade under Fire","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121169232","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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